Raytheon 2015 Annual Report Download - page 88
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78
RAYTHEON COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts) Years Ended December 31: 2015 2014 2013
Net sales
Products $19,443 $19,126 $19,855
Services 3,804 3,700 3,851
Total net sales 23,247 22,826 23,706
Operating expenses
Cost of sales—products 14,447 14,260 15,292
Cost of sales—services 3,127 3,035 3,240
General and administrative expenses 2,660 2,352 2,236
Total operating expenses 20,234 19,647 20,768
Operating income 3,013 3,179 2,938
Non-operating (income) expense, net
Interest expense 233 213 210
Interest income (11)(10)(12)
Other (income) expense, net 4(7)(17)
Total non-operating (income) expense, net 226 196 181
Income from continuing operations before taxes 2,787 2,983 2,757
Federal and foreign income taxes 733 790 808
Income from continuing operations 2,054 2,193 1,949
Income (loss) from discontinued operations, net of tax 13 65 64
Net income 2,067 2,258 2,013
Less: Net income (loss) attributable to noncontrolling interests in subsidiaries (7)14 17
Net income attributable to Raytheon Company $ 2,074 $ 2,244 $ 1,996
Basic earnings per share attributable to Raytheon Company common stockholders:
Income from continuing operations $ 6.76 $ 6.98 $ 5.97
Income (loss) from discontinued operations, net of tax 0.04 0.21 0.20
Net income 6.81 7.19 6.17
Diluted earnings per share attributable to Raytheon Company common
stockholders:
Income from continuing operations $ 6.75 $ 6.97 $ 5.96
Income (loss) from discontinued operations, net of tax 0.04 0.21 0.20
Net income 6.80 7.18 6.16
Amounts attributable to Raytheon Company common stockholders:
Income from continuing operations $ 2,061 $ 2,179 $ 1,932
Income (loss) from discontinued operations, net of tax 13 65 64
Net income $ 2,074 $ 2,244 $ 1,996
The accompanying notes are an integral part of the consolidated financial statements.